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General

Telefonica to sue Millicom over aborted Costa Rica purchase

Thursday 30 April 2020 | 09:01 CET | News
Telefonica is set to take legal action against Millicom in US courts over the aborted sale of its subsidiary in Costa Rica, reports El Pais, citing a submission to market securities regulator CNMV. Millicom reached an agreement to acquire 100 percent of Telefonica's mobile telecommunications assets in Costa Rica for USD 570 million back in February 2019, a transaction approved by Costa Rica's telecom regulator Sutel last September, but the Spanish operator is now claiming that Millicom has refused to proceed with the closure, a delay it considers to be "a breach of the terms and conditions

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Categories: General
Companies: Millicom / Telefonica
Countries: Costa Rica
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